Chris Spurio
About Chris Spurio
Chris Spurio is President, Financial Services at CBIZ and a Senior Vice President, a role he has held since January 1, 2014. He joined CBIZ in January 1998 and previously served as Corporate Controller, VP Finance, Executive Managing Director of the Financial Services Group’s Midwest Region, and COO of the Financial Services Group. He is 59 years old, a CPA and CGMA, and a member of the AICPA and the Ohio Society of CPAs. Prior to CBIZ, he was with KPMG LLP from 1988–1998 .
CBIZ’s annual executive incentive plan (EIP) tied Mr. Spurio’s cash bonus to company Pre-Tax Earnings (70% weight) and Organic Growth in Revenue (OGIR, 30% weight). For 2024, both multipliers were 1.0 (Pre-Tax $185.8M; OGIR $1,665.1M, 4.9%); in 2023, Pre-Tax was 0.96 and OGIR 1.74; in 2022, Pre-Tax was 1.533 and OGIR 2.0, evidencing pay tied to operating performance rather than discretion .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| CBIZ | President, Financial Services; Senior Vice President | 2014–present | Leads CBIZ’s Financial Services practice group |
| CBIZ | Chief Operating Officer, Financial Services Group | 2010–2013 | Group operations leadership |
| CBIZ | Executive Managing Director, Financial Services Group – Midwest Region | 2008–2010 | Regional leadership |
| CBIZ | Vice President of Finance | 1999–2008 | Corporate finance leadership |
| CBIZ | Corporate Controller | 1998–1999 | Controller responsibilities |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| KPMG LLP (international accounting firm) | Professional (associated with firm) | 1988–1998 | Pre-CBIZ experience |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 569,250 | 659,500 | 762,125 |
| All Other Compensation ($) | 11,354 | 12,475 | 13,807 |
Notes: “All Other Compensation” for Mr. Spurio comprised insurance premiums and 401(k) contributions; no auto or tax gross-up reimbursements are shown for Mr. Spurio in 2022–2024 .
Performance Compensation
Annual Incentive (EIP) – Structure and Outcomes
- Mechanics: 70% Pre-Tax Earnings and 30% Organic Growth in Revenue (OGIR), each with target multipliers (TM) ranging 0.0–2.0; Individual Performance Award (IPA) can add to payout per plan .
- 2024 Results: Pre-Tax $185.8M (TM=1.0); OGIR $1,665.1M/4.9% (TM=1.0) .
- 2023 Results: Pre-Tax TM=0.96; OGIR TM=1.74 .
- 2022 Results: Pre-Tax TM=1.533; OGIR TM=2.0 .
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Pay used for EIP ($) | 572,000 | 672,000 | 775,000 |
| Base Target Award (% of Base Pay) | 56% | 64% | 64% |
| Individual Performance Award ($) | 80,080 | 107,520 | 124,000 |
| Pre-Tax component TM | 1.533 | 0.96 | 1.0 |
| OGIR component TM | 2.0 | 1.74 | 1.0 |
| EIP Bonus Paid ($) | 616,007 | 621,036 | 620,000 |
Long-Term Incentives (LTI) – RSUs and PSUs
- RSUs: Time-based, vest one-third on each of the first three anniversaries of grant .
- PSUs: Three-year performance; 70% based on adjusted EPS; 30% on total growth in revenue (TGIR). 2024 grant performance period ends 12/31/2026; 2023 grant ends 12/31/2025 .
- 2022 PSU Payout: Adjusted EPS $2.67 (TM=1.05) and TGIR $1,704.6M (TM=2.0) yielded a 1.30x payout; Mr. Spurio received 16,160 PSUs vs 12,430 target .
| Grant Year | Grant Date | RSUs (#) | RSUs Grant-Date FV ($) | PSUs Target (#) | PSUs Grant-Date FV ($) | Vesting/Performance |
|---|---|---|---|---|---|---|
| 2024 | 2024-02-08 | 9,369 | 619,010 | 9,369 | 619,010 | RSUs 1/3 annually; PSUs 70% adj EPS, 30% TGIR over 2024–2026 |
| 2023 | 2023-02-08 | 11,174 | 1,081,643 | 11,174 | Included in total | RSUs 1/3 annually; PSUs over 2023–2025 |
| 2022 PSU Outcome | — | — | — | 12,430 target; 16,160 paid | — | Performance period 2022–2024 (paid at 1.30x) |
Realized Equity Activity (Liquidity Signals)
| Year | Shares Acquired on Vesting (#) | Value Realized on Vesting ($) |
|---|---|---|
| 2023 | 47,175 | 2,296,064 |
| 2024 | 49,453 | 3,263,858 |
Historical options: Mr. Spurio held 75,000 options (strike $19.45; expiring 05-09-2024) as of 12/31/2022 and exercised 75,000 options in 2023 (value realized $2,372,053) . No options are listed outstanding at 12/31/2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 239,340 shares as of March 17, 2025 |
| Shares outstanding | 54,058,221 as of March 17, 2025 |
| Ownership as % of shares outstanding | ≈0.44% (239,340 / 54,058,221), calculated from figures above |
| Unvested RSUs at 12/31/2024 | 20,961 total: 9,369 (2024 grant, $766,665), 7,449 (2023, $609,552), 4,143 (2022, $339,022) |
| Unearned PSUs at 12/31/2024 | 57,245 total: 18,738 (2024, $1,533,331), 22,348 (2023, $1,828,737), 16,159 (2022, $1,322,291; performance period completed; shown at actual) |
| Ownership guidelines | NEOs recommended to maintain 3x base salary; all NEOs and directors are in compliance |
| Hedging/pledging | CBIZ prohibits hedging and pledging; none of the listed directors and executive officers have pledged shares |
Note: Market values use $81.83 closing price on 12/31/2024 .
Employment Terms
| Provision | Terms for Chris Spurio |
|---|---|
| Employment agreement | No individual employment contract disclosed; participates in CBIZ Executive Severance Policy |
| Severance (without cause) | 1x the sum of current-year base salary plus average of prior three years’ EIP/bonus; applies also for good reason following a change in control (double-trigger) |
| Restrictive covenants | Subject to confidentiality and non-solicitation agreements (for Presidents of Financial Services and B&I Services) |
| Clawback | Compensation recoupment policy adopted Aug 9, 2023 in line with Dodd-Frank and NYSE; supersedes 2018 policy |
Potential payments as of 12/31/2024 (illustrative amounts from proxy’s scenario table):
- Severance pay: $1,405,217 (before/after change in control termination without cause or for good reason)
- RSU acceleration: $1,715,238 (various termination scenarios)
- PSU acceleration: $2,698,181 (various termination scenarios)
- Disability payments: $314,771
Compensation Structure Analysis
- Pay-for-performance linkage: Annual cash incentive tied 70% to Pre-Tax earnings and 30% to OGIR, with measured TMs driving outcomes each year (e.g., 2024 both TMs = 1.0; 2023 mix of below-target Pre-Tax and above-target OGIR; 2022 both above target), indicating formulaic ties to operating performance .
- LTI design: PSUs weighted to adjusted EPS (70%) and TGIR (30%) over three years; the 2022 PSU award settled at 1.30x target, reflecting above-target growth outcomes relative to preset curves after excluding impact of the Marcum acquisition per plan discretion .
- Cash/equity mix: Stock awards constituted roughly half of total reported compensation (e.g., 2024 stock awards $1.238M vs total $2.634M), balancing retention with performance .
- Benchmarking: 2024 total compensation ($2.634M) aligned approximately with Meridian’s median target for the “Company Peer Group” ($2.567M), suggesting no peer-inflation outlier risk .
- No problematic features: No tax gross-ups for Mr. Spurio; anti-hedging/pledging policy in place; restrictive covenants apply; recoupment policy compliant with Dodd-Frank .
Investment Implications
- Incentive alignment: The EIP and PSU frameworks tie pay to earnings quality and organic growth, with demonstrated variability in annual multipliers and a 1.30x PSU payout for the 2022 cycle; this supports alignment of incentives with value creation but implies sensitivity to any slowdown in OGIR or margin performance .
- Retention risk and CIC economics: Severance is a moderate 1x salary+bonus average (double-trigger under CIC), limiting windfall risk and suggesting manageable retention risk; accelerated vesting values under termination/CIC are meaningful but not excessive relative to peer practices .
- Ownership and selling pressure: Beneficial ownership (~0.44% of shares) provides skin-in-the-game; recurring RSU/PSU vesting (e.g., ~49.5K shares vested in 2024) and historical option exercises (75K in 2023) suggest periodic Form 4 activity around vest dates that can create short-term supply, though hedging and pledging are prohibited and ownership guideline compliance is affirmed .
- Peer positioning: Total pay aligns near median peer targets per Meridian, reducing pay-inflation risk and suggesting an appropriately calibrated package for the scope of responsibility .